Paramount Skydance is set to implement significant layoffs, eliminating approximately 2,000 positions across the United States. This decision comes as part of a broader $2 billion cost-cutting initiative under the leadership of new CEO David Ellison.
Details of the Restructuring Plan
The layoffs are scheduled to commence during the week of October 27. This move aligns with the recent $8.4 billion merger between Skydance Media and Paramount Global, finalizing in August.
Future Job Cuts and Earnings Report
Further international job reductions are anticipated. Comprehensive details regarding these cuts will be revealed in the third quarter earnings report, expected to be released on November 10.
Background and Employment Statistics
- Paramount was previously reported to be seeking to eliminate between 2,000 and 3,000 jobs by early November.
- As of December 2024, the company employed nearly 18,600 full-time and part-time workers.
- In addition, there are 3,500 project-based employees within Paramount.
Paramount Skydance has yet to provide an official statement addressing the layoffs. The company’s recent restructuring efforts aim to streamline operations and bolster financial stability during a challenging economic landscape.
